USD/JPY consolidates near 157.50 as 1-year highs face resistance
USD/JPY is trading at 157.45, holding just below its 1-year high of 157.85 reached earlier in the session. The pair gained 0.2% (30 pips) but momentum has stalled as traders await clearer directional catalysts. Despite broad dollar weakness from Fed independence concerns, the yen's haven appeal remains limited by Japan's ultra-loose monetary policy stance. The Bank of Japan maintained its accommodative stance last week, contrasting with the Fed's relatively hawkish positioning. Technical analysis shows strong resistance at 158.00 psychological level, coinciding with the October 2023 peak. Support lies at 156.80 (10-day MA) and 156.00. A decisive break above 158.00 could target 160.00, while failure to maintain above 157.00 may signal a deeper correction toward 155.50.
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